Growthpoint and the PIC, which manages state pension funds,
will pay 9.72 billion rand ($1.33 billion) for the mall and
surrounding properties, Johannesburg-based Growthpoint said in a
stock exchange filing today. Istithmar World, London & Regional
Properties and a group of local investors teamed up to buy the
development from Transnet Ltd., the state-owned transport
company, and three of its pension funds for $1 billion in 2006.

Shares of Growthpoint rose 9 cents, or 0.5 percent, to
16.94 rand at 1:12 p.m. in Johannesburg, valuing the company at
26.7 billion rand. The company first said it was on talks that
could affect its share price on Dec. 13, and the Johannesburg-based Mail & Guardian newspaper subsequently reported it was in
talks to buy the V&A for 10 billion rand.

Growthpoint said it has secured funding for its portion of
the purchase, about 4.9 billion rand, through long-term bank
loans. The company plans to refinance some of the debt through
bond and share sales, it said.

Istithmar World is a private equity company owned by Dubai
World, a state owned holding company that’s altering the terms
on $24.9 billion of debt.

The V&A, which surrounds Cape Town’s harbor and has shops,
hotels, restaurants, offices and an aquarium, is Cape Town’s
biggest tourist draw, attracting as many as 21 million visitors
a year, Growthpoint said.